Msi News

The Singapore government has recounted the achievements of Maritime Singapore to date to highlight the nation’s successes as a maritime hub in 2023:Total business spending by key maritime companies overseen by MPA exceeded S$4.8 billion, up from S$4.3 billion in 2022. Twenty-five maritime companies established or expanded their operations in Singapore last year. These included maritime services companies and companies setting up sustainability desks in Singapore as part of their…

According to Maritime Strategies International, the unwinding of supply chain inefficiencies and rising vessel orders are expected to dampen positive deadweight demand in the dry bulk market.COVID-related supply chain inefficiencies and associated port congestion have almost fully unwound, and while the MSI outlook on the prospects for trade volumes this year is considered positive, growth in actual dwt demand is limited to only 0.25% year on year.MSI’s Q3 Dry Bulk market report notes that while this quarter’s demand forecasts for 2023 are higher by 1m dwt…

The unwinding of supply chain inefficiencies and rising vessel orders are set to dampen positive deadweight demand in the dry bulk market, according to Maritime Strategies International (MSI).COVID-related supply chain inefficiencies and associated port congestion have almost fully unwound and while the MSI outlook on the prospects for trade volumes this year is considered positive, growth in actual dwt demand is limited to only 0.25% year on year.MSI’s Q3 Dry Bulk market report notes that while this quarter’s demand forecasts for 2023 is higher by one million dwt…

An easing of chemical tanker earnings in Q2 has not discouraged owners tempted to place newbuilding orders. After a period of extremely strong vessel earnings and asset valuations, an unwinding of the support that created the earnings boom has seen spot and time charter rates fall from their highs, though still remain at elevated levels.This bifurcation of the market has seen owners tempted back to the shipyards with ordering picking up steadily from Q1 and into Q2, reports MSI in its Chemical Tankers Q2 2023 report.

SAYFR entered into an MoU with Japanese underwriter Mitsui Sumitomo Insurance (MSI) aimed at reducing risks of major incidents through building safety culture maturity in the maritime and offshore energy sectors. SAYFR has worked with MSI on several joint initiatives in the last two years. MSI is one of the world’s largest insurers and holds the biggest market position in the Japanese marine hull insurance sector.Focus areas have been identified and will be covered under the MoU…

My first visit in 2007 to the American Society of Naval Engineers’ (ASNE) Multi-Agency Craft Conference (MACC) was an eye-opener. Having built a naval architecture career with frigates, destroyers and other large naval and commercial ships, I was eager to learn of the smaller craft used by the U.S. Navy and other government and military bodies. As my flight into Norfolk, Va. descended over Chesapeake Bay, I gazed in amazement as a Landing Craft Air Cushion (LCAC) raced toward Virginia Beach, slowed, glided up the beach and into its shore base.

The region could be a key growth market for the oil and gas industry going forward, writes Joshua Belo-Osagie, Maritime Strategies International (MSI).Improving sentiment surrounds energy market prospects offshore West Africa, the positive mood underpinned by higher oil prices, reformed regulatory frameworks in key markets including Angola and Nigeria and the discovery of major prospects off the Ivory Coast and Namibia.In addition, the implications of Russia’s invasion of Ukraine have only reinforced some of these pre-existing dynamics…

Lars Thrane A/S is pleased to announce the release of Long-Range Identification and Tracking (LRIT) functionality for the MED/Wheelmark approved LT-3100S GMDSS System.The LT-3100S GMDSS System is an Iridium GMDSS satellite communications product developed and certified to comply with the Safety of Life at Sea (SOLAS) Chapter IV Radiocommunication Requirements. Iridium was recognized and adopted as GMDSS Service Provider - the International Maritime Safety Organization (IMSO) issued Letter of Compliance December 19…

Global marine electronics and satellite communications provider, Mackay Communications, Inc., dba Mackay Marine, announced it has joined the select cadre of worldwide Iridium GMDSS Service Providers for Iridium’s new Global Maritime Distress and Safety System (GMDSS) service. Mackay is similarly a global partner with Lars Thrane A/S, the first, and currently the only manufacturer of an IMO-certified Iridium GMDSS terminal, the LT-3100S.Iridium’s implementation and accelerated…

MSI analysis finds ‘big three’ cruise companies could have less than 50% of capacity back in service by year end but a recovery to pre-pandemic levels is unlikely before 2023A new report from MSI says that a restart to full operations can’t come soon enough for cruise lines, whose financial position has become increasingly precarious given high debt levels incurred from fleet expansions and the fundraising required to survive the COVID crisis.The latest cruise market report from Maritime Strategies International (MSI) finds that net revenue losses for the ‘big three’ lines (Carnival…

Maritime satellite communications solutions provider Applied Satellite Technology (AST) is partnering with The Liberian Registry as the first authorized service provider of the Iridium Global Maritime Distress and Safety System (GMDSS) for Liberian flagged vessels.As a Safety Of Life At Sea (SOLAS) convention recognized system, the Iridium GMDSS maritime emergency and distress service helps keep mariners safe in emergency situations at sea, prevent accidents via receipt of Maritime…

In early 2021, the somber news from the cruise sector continued. For some cruise brands, their own version of “lockdowns” will have spanned an entire year. By late January, 2021, Carnival and others were hesitantly pegging their restarts for April/May 2021, and for some markets, late summer, under a Conditional Sail Order promulgated late last year by the Centers for Disease Control and Prevention (CDC).What else to do but look ahead?In preliminary earnings guidance, Carnival Corporation (NYSE: CCL)…

Satellite communications provider Iridium Communications Inc. announced Tuesday that its Global Maritime Distress and Safety System (GMDSS) service officially went live on Friday, December 11, ending a monopoly held by rival Inmarsat and enhancing the integrity of global safety communications for seafarers globally.GMDSS is an internationally regulated service, governed by the International Maritime Organization's (IMO) Safety of Life at Sea (SOLAS) convention. It provides life-saving assistance to seafarers in distress and has required equipment on board more than 60…

Finland-based Wärtsilä said it will divest 100% of the shares in Wärtsilä JOVYATLAS GmbH to Jacob Waitz Industrie GmbH, a German based industry holding.Wärtsilä JOVYATLAS has been manufacturing uninterruptible power supply (UPS) systems, rectifiers, power inverters, frequency transformers and resistors with related services for many industries for seven decades. The company became part of Wärtsilä as a result of the acquisition of L-3 Communications MSI in 2015. Wärtsilä JOVYATLAS is located in Jemgum in Germany, and currently has some 125 employees.

Increasing port delays in Asia, U.S. and Europe will provide only limited support and MSI predicts rates will fall further in Q3.After three months of OPEC+ production cuts, tanker markets are feeling the pressure with both crude and products sector earnings moving lower in July according to Maritime Strategies International.Back in May MSI forecast quarterly average Aframax one year time charter rates to fall from $32,400/day to $21,600/day at a time when spot markets were seeing record levels.

Port days and diverted voyages are having an unusually strong impact on market balances and will play a key role in the short term outlook.Summer may be drawing to close in the northern hemisphere but for dry bulk shipowners, the positive tone could continue into early autumn as port delays and diversions provide continued upside, says Maritime Strategies International.July was another positive month for the dry bulk sector, with average monthly spot rates rising to their highest level this year for all benchmark vessels…

New HORIZON Monthly report shows freight rates remain high, blanked sailings have hit charter markets and coming quarters continue to hold riskContainership markets are exhibiting contradictory signals as the global economy continues its tentative emergence from lockdown. In the first of its new HORIZON Monthly reports, Maritime Strategies International (MSI) analyzes the forces at play in freight and charter markets as well as the impact of global policy on demand.On nearly all trade lanes…

ABS has published the latest trends and projections on carbon-reduction strategies for shipping as the industry looks to meet decarbonization ambitions.Setting the Course to Low Carbon Shipping examines new fuels, technologies and operational measures and matches that with forecasts for the world’s key trade lanes to envision what shipping may look like in 2030 and 2050.The second of two ‘Outlook’ documents – the first was published in June 2019 – it applies what ABS currently…

While the implications of COVID-19 for containership demand and freight rates are directionally clear, the time charter market often marches to its own drum.The latest Container Shipping Forecaster from Maritime Strategies International analyzes the impact of the pandemic on time charter markets in the light of reduced demand and falling fright rates.Containership time charter rates have broadly retreated in recent weeks, and since the start of 2020 the majority of benchmarks have seen earnings retreat by 10-15% - hardly a historic correction.

"Koselig" is a Norwegian adjective used to describe situations that give a feeling of comfort, warmth, and relaxation. The NorShipping exhibition and conference, one of the largest in northern Europe, could definitely be described as koselig. Occurring in Oslo, Norway between June 4-7, 2019, the conference featured close to 1,000 exhibitors from around the world. With the prominently featured Blue Economy Hall, terms such as marine sustainability and environmental ocean awareness held the center stage at a number of the events. In true Norwegian fashion, most of the major press announcements were delivered in semi-intimate gathers with copious amounts coffee by maritime CEOs and VPs who enjoyed being called by their first names.

A decline in the rate of infections in China provides yards with the opportunity to reorganize their delivery schedules to address an approaching output slump, says Maritime Strategies International (MSI)The welcome news of declining rates of coronavirus infections in China, together with steps already in place and still to come in terms of government intervention, provide the barest glimmer of good news in the dry bulk market.But the impact on dry bulk shipping has gone much further than demand…

UK-based shipping consultant Maritime Strategies International (MSI) has unveiled MSI HORIZON, a new digital platform which enables clients to access the consultancy’s proprietary macro and shipping market models and asset valuations data via a single interface.According to a release, the creation of an integrated data platform means MSI clients can quickly and easily run market simulations and see the results across multiple shipping sectors.This includes creating their own forward outlook on valuations and earnings scenarios by adjusting inputs such as GDP growth and vessel supply and demand. This will indicate the impact on newbuilding and second-hand values…

Wärtsilä has announced the divestment of shares in Wärtsilä ELAC Nautik GmbH (ELAC Nautik) to Cohort plc, a UK listed company.ELAC Nautik became part of Wärtsilä as a result of the acquisition of L-3 Communications MSI in 2015. Its main market focus is on hydroacoustic products, including sonars, underwater communication systems and echo systems for small and medium sized military submarines. The company is located in Kiel, Germany and currently employs approximately 120 people. It generates annual revenues of approximately $23 million.Subject to approvals, completion of the transaction is expected in the early part of 2020.